Breaking News: FLUENT Expands Multi-State Presence with Acquisition of RIV Capital’s New York Retail, Wholesale, and Cultivation Operations!
Description:
FLUENT is making waves in the cannabis industry with its recent acquisition of RIV Capital’s operations in New York. This move not only accelerates FLUENT’s entry into one of the largest and fastest-growing cannabis markets in the world but also allows the company to expand its retail presence to 42 locations. Additionally, FLUENT will be adding its first wholesale division and continuing to grow its house of brands.
This acquisition, considered one of the largest U.S. cannabis transactions of 2024, is set to bolster FLUENT’s balance sheet with approximately US $33 million in cash. This comes just weeks after securing refinancing that puts the company in a strong position to explore further mergers and growth opportunities.
The deal involves acquiring RIV Capital’s assets and cash balance in a debt-free, all-stock transaction. The Hawthorne Collective, a subsidiary of FLUENT, will exchange its existing Convertible Notes in RIV Capital for a new class of non-voting Exchangeable Shares of Cansortium, effectively eliminating US$160 million of debt.
A conference call is scheduled for today, December 19, 2024, at 4:00 p.m. (Eastern Time) to discuss this significant development in FLUENT’s expansion strategy.
How it will affect me:
As a consumer in the cannabis market, this acquisition could mean a wider range of products and services available to you. With FLUENT expanding its presence in New York, you may have more convenient access to quality cannabis products through their retail locations. Additionally, the addition of a wholesale division could lead to more competitive pricing and variety in the market.
How it will affect the world:
On a larger scale, this acquisition showcases the continued growth and evolution of the cannabis industry. The consolidation of operations by companies like FLUENT and RIV Capital demonstrates the maturity of the market and the increasing opportunities for expansion and innovation. This move may also pave the way for more collaborations and partnerships within the industry, fostering further growth and development in the cannabis sector.
Conclusion:
FLUENT’s acquisition of RIV Capital’s New York operations marks a significant milestone in the cannabis industry, showcasing the company’s commitment to growth and expansion. With the potential for increased retail locations, a new wholesale division, and a strengthened balance sheet, FLUENT is well-positioned to capitalize on the opportunities in one of the largest cannabis markets in the world. This move not only benefits consumers by offering a wider range of products and services but also reflects the overall growth and evolution of the cannabis industry as a whole.
